While that’s not 0 that does seem low given the fed has said they are setting it higher than that.

The market has been undershooting the whole time the fed has been raising rates. It’s a little strange frankly.

The expectation is to go higher and then lower, for example after the September meeting it’s around 5.5%

https://www.cmegroup.com/markets/interest-rates/cme-fedwatch...

Source for Fed stating they are setting fed funds rate higher than 5%?

5% and 0% are already world apart given the last two decades.